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GIO Life Protect

GIO Life Protect Insurance

GIO Life Protect provide up to $1 million in cover in the event of death or terminal illness. Cover is quick an easy to apply for with no medical exams and can be kept in place until age 99. What's more, for every 3 years that you keep your cover in place, you will receive 10% cash-back.

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This review will outline the key benefits and features of the Life Protect policy from GIO

What does the policy cover?

Up to $1 million of cover. You can choose a life insurance benefit amount which reflects your family’s financial needs now and into the future, up to $1 million. The benefit is paid as a lump sum amount on a successful claim, so your loved ones can use the money to pay your funeral costs, final medical expenses or to manage the day to living expenses which are left behind without your regular income. Or the benefit amount could be used to pay off the mortgage or other loans to reduce the biggest drains on the monthly budget, or to make investments for future education costs for example.

Terminal illness cover. GIO life cover also includes a terminal illness benefit, which pays you the full life insurance benefit amount as a lump sum if you are diagnosed with a terminal illness. This can help you manage medical bills, make final arrangements, or simply make your home and lifestyle more comfortable.

Easy application. You can apply for Life Cover with GIO without the need to take any medical or blood tests. You can complete your application in minutes online, or if you want to discuss your options with GIO you can also apply over the phone or by submitting a paper application form. You can apply for GIO Life Cover if you are 18 to 60 years old and an Australian resident.

Guaranteed renewable cover. Once your application is approved, GIO guarantees to renew your life insurance every year until you are 99 years old.

Cash back every three years. For every three years you hold your policy, GIO will give you 10% cash back on premiums you’ve paid. This means that while you wouldn’t normally see any benefit from your life insurance policy – since you can’t claim until you die – with GIO you are getting cash back from your premiums every three years as a reward for your loyalty.

Funeral advance. GIO will pay a $10,000 funeral advance benefit amount when a claim is submitted on your life insurance policy, in advance of the full benefit amount. Rather than having to wait for the claim to be fully processed, GIO provides you with a $10,000 advance to help cover those immediate expenses like funeral bills, and when the full claim is processed, the benefit amount is reduced by the funeral advance amount.

Premium Protector. The Premium Protector feature of your GIO Life Cover means that if you are disabled and unable to work for 90 consecutive days, GIO will pay up to 12 months of your premiums for you, to the value of $2,000.

Premium Pause. The Premium Pause feature allows you to suspend your life insurance premiums for three months over the life of your policy if you are unable to meet your premium payments. While your premiums are suspended, you are covered for accidental death only.

Premium discounts. If you apply for $200,000 of cover or more, you can be eligible for a large sum insured discount on your life insurance premiums. If you choose to protect multiple family members with a GIO life insurance policy, you can also be eligible for family discounts.

Lifestyle increases. As your life moves, advances and changes, your life insurance needs change too. That is why GIO allows you to increase your life insurance benefit without needing a health assessment, for certain major life events such as buying a home or having a child.

Inflation proof your benefit. You can choose to have GIO increase your life insurance benefit amount each year to keep it in line with inflation. This means that your benefit amount will be as relevant at the time of a claim, as it was at the time of application, and allows your family to meet all of the costs of the day. Or you can opt out of inflation increases to keep your premiums as a steady line in your budget.

Interim accidental death cover. You will be provided with interim accidental death cover while GIO processes your application. Interim accidental death cover means that the sum-insured that you have applied for will be paid to your estate in the event that die as a result of an accident.

GIO Life Protect exclusions to be aware of

Your GIO Life Protect claim will not be paid if it arises due to an intentional self-inflicted act within the first 13 months after:

Cover commences; or

Cover is reinstated.

Similarly, you will not be covered if death occurs due to an intentional self-inflicted act during the interim cover period.

Who can apply?

GIO Life Protect Insurance is available to Australian Citizens or permanent residents of Australia aged between 18 and 60.

GIO will make an assessment of each applicants personal characteristics (i.e occupation, health) when deciding whether or not to provide cover. No medical tests are required when you apply.

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

Real Life Insurance provides insurance against a number of risks including death, serious illness and injury. With a range of policies and levels of cover, it offers real protection for individuals and families at every stage of life.

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